Concentrix Co. (NASDAQ:CNXC) Short Interest Update

Concentrix Co. (NASDAQ:CNXC) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 6,310,000 shares, an increase of 9.7% from the October 15th total of 5,750,000 shares. Currently, 13.7% of the company’s stock are short sold. Based on an average trading volume of 702,900 shares, the days-to-cover ratio is presently 9.0 days.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Bank of America dropped their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, September 26th. Canaccord Genuity Group dropped their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, September 26th. Barrington Research reduced their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Baird R W upgraded Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Robert W. Baird assumed coverage on shares of Concentrix in a report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price target on the stock. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $79.00.

Insider Activity at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the sale, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. This represents a 1.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now directly owns 241,841 shares in the company, valued at $12,745,020.70. This represents a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,267 shares of company stock valued at $648,945. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. 1832 Asset Management L.P. purchased a new stake in shares of Concentrix during the second quarter worth $62,738,000. Pzena Investment Management LLC raised its stake in shares of Concentrix by 46.6% during the 2nd quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock valued at $93,965,000 after purchasing an additional 471,699 shares during the period. Impactive Capital LP lifted its holdings in Concentrix by 13.0% during the 1st quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock worth $254,707,000 after purchasing an additional 443,045 shares in the last quarter. Invenomic Capital Management LP boosted its stake in Concentrix by 354.3% in the 3rd quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock worth $24,202,000 after purchasing an additional 368,295 shares during the period. Finally, Paradigm Capital Management Inc. NY grew its holdings in Concentrix by 126.4% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 623,542 shares of the company’s stock valued at $39,458,000 after buying an additional 348,100 shares in the last quarter. 90.34% of the stock is owned by institutional investors.

Concentrix Stock Performance

Shares of CNXC opened at $38.29 on Friday. Concentrix has a 1 year low of $37.94 and a 1 year high of $106.10. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. The stock’s fifty day moving average price is $51.33 and its two-hundred day moving average price is $60.22. The firm has a market cap of $2.48 billion, a PE ratio of 12.43, a PEG ratio of 0.53 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The company’s revenue was up 46.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.54 earnings per share. On average, equities research analysts forecast that Concentrix will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were paid a dividend of $0.333 per share. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend was Friday, October 25th. Concentrix’s dividend payout ratio is presently 43.18%.

Concentrix Company Profile

Concentrix Corporation engages in the provision of technology-infused customer experience (CX) solutions worldwide. The company provides CX process optimization, technology innovation, front- and back-office automation, analytics, and business transformation services, across various channels of communication, such as voice, chat, email, social media, asynchronous messaging, and custom applications.